Pay-Fone Systems' Profit Down 24% in 3rd Quarter

Pay-Fone Systems Inc., a Van Nuys-based automated payroll company, said its net income for the fiscal third quarter that ended March 31 was $105,574, down 24% from $139,470 in the same quarter the previous year. Revenue for the fiscal third quarter also was down slightly to $1.27 million from $1.30 million in the same quarter last year.

For the nine months that ended March 31, net income was $167,440, down 17% from $200,735 the previous year. Revenue for the nine months was $3.37 million, down 3% from $3.49 million in the same period a year earlier.

The company attributed the results to the cost of its acquisition of Concentric Computer Corp. of Aptos in January, and to the recession.

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